Director's Dealing • Mar 19, 2020
Director's Dealing
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National Storage Mechanism | Additional information
RNS Number : 8453G
Cairn Energy PLC
19 March 2020
The following amendment(s) has (have) been made to the 'Director/PDMR Shareholding' announcement released on 19 March 2020 at 14:01 under RNS No 8409G.
The word pence has been removed from the second line of the first paragraph (after the purchase price shown in section 1.)
All other details remain unchanged.
The full amended text is shown below.
FOR IMMEDIATE RELEASE 19 March 2020
CAIRN ENERGY PLC ("Cairn" or "the Company")
Interests of Persons Discharging Managerial Responsibility ("PDMRs")
in the Company's Shares
1. Share purchase by Eric Hathon, Director of Exploration
Cairn announces that, on 18 March 2020, Eric Hathon, Director of Exploration, purchased 10,000 Ordinary Shares of 231/169 pence each in the Company ("Shares") at a price of £0.6992 per Share.
2. Exercises of balance of Awards under the Company's Long Term Incentive Plan 2009 (the "2009 LTIP")
Cairn also announces that, on 18 and 19 March 2020, it received notices of exercise from Richard Ember, Regional Director, International, and Paul Mayland, Chief Operating Officer, in relation to an Awards over Shares that had originally been granted under the rules of the 2009 LTIP on 6 October 2015 and 19 March 2015 respectively.
The first notice of exercise, received on 18 March 2020, relates to the proportion of Richard Ember's Award that originally vested on 15 November 2018 but which was subject to a further holding period of one year. A summary of the relevant events / transactions in respect of his exercise is shown in the table below:
| Executive Director / PDMR |
Shares originally subject to Award | Total Shares that vested on 15 November 2018 | Shares in respect of which Award became exercisable on 15 November 2019 |
Shares acquired on 18 March 2020 pursuant to the exercise of Award |
| Richard Ember, Regional Director, International |
240,103 | 139,863 | 69,932 | 69,932 |
The above Award (which is in the form of a "nil-cost" option) vested, in part, on 15 November 2018 following the expiry of the applicable three-year performance period. The extent of such vesting reflected the fact that the Company's total shareholder return over that period was above the median ranking in the specified comparator group.
Under the 2009 LTIP's rules, 50% of the vested Award was immediately exercisable, with the balance becoming exercisable after a further holding period of one year (subject to any dealing restrictions in place at that time). The exercise of the immediately exercisable portion of this Award by the above individual was previously announced by the Company on 20 November 2018.
The second notice of exercise, received on 19 March 2020, relates to the proportion of Paul Mayland's Award that originally vested on 26 March 2018 but which was subject to a further holding period of one year. A summary of the relevant events / transactions in respect of his exercise is shown in the table below.
| Executive Director / PDMR |
Shares originally subject to Award | Total Shares that vested on 26 March 2018 | Shares in respect of which Award became exercisable on 3 April 2019 |
Shares acquired on 19 March 2020 pursuant to the exercise of Award |
| Paul Mayland, Chief Operating Officer |
476,188 | 269,760 | 134,880 | 134,880 |
The above Award (which is in the form of a "nil-cost" option) vested, in part, on 26 March 2018 following the expiry of the applicable three-year performance period. The extent of such vesting reflected the fact that the Company's total shareholder return over that period was above the median ranking in the specified comparator group.
Under the 2009 LTIP's rules, 50% of the vested Award was immediately exercisable, with the balance becoming exercisable after a further holding period of one year (subject to any dealing restrictions in place at that time). The exercise of the immediately exercisable portion of this Award by the above individual was previously announced by the Company on 28 March 2018.
3. Subsequent sale of Shares by Richard Ember and Paul Mayland
In order to fund some / all of the income tax and national insurance liabilities arising on the exercises summarised in section 2. above, the following shares were sold on behalf of Richard Ember and Paul Mayland.
| PDMR | Date of transaction | Number of Shares sold | Sale price |
| Richard Ember | 18 March 2020 | 33,636 | £0.6717 |
| Paul Mayland | 19 March 2020 | 24,340 | £0.6180 |
4. Summary of current holdings of above PDMRs
Following the purchase by Eric Hathon (see 1. above), and the exercise and sale by Richard Ember and Paul Mayland (see 2. and 3. above), their beneficial interests in the Shares of the Company are as follows:
| PDMR | Previous Shares |
Current Shares | % Issued Share Capital | Outstanding entitlements under 2017 LTIP |
| Unvested Awards still subject to performance conditions | ||||
| Eric Hathon | 37,323 | 47,323 | 0.008% | 1,163,771 |
| Richard Ember | 54,966 | 91,296 | 0.015% | 500,280 |
| Paul Mayland | 527,713 | 638,253 | 0.108% | 1,214,590 |
The following notification is intended to satisfy the Company's obligations under Article 19(3) of EU Regulation No 596/2014 (the Market Abuse Regulation).
1
Details of the person discharging managerial responsibilities/person closely associated
a)
Name
Eric Hathon
2
Reason for the notification
a)
Position/status
Director of Exploration
b)
Initial notification/ Amendment
Initial Notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
Cairn Energy PLC
b)
LEI
213800ZJEUQ8ZOC9AL24
4
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)
Description of the financial instrument, type of instrument
Ordinary shares of 231/169 pence each ("Shares")
Identification code
GB00B74CDH82
b)
Nature of the transaction
Purchase
c)
Price(s) and volume(s)
| Price(s) | Volume(s) |
| £0.6992 | 10,000 |
d)
Aggregated information
- Aggregated volume
- Price
Not applicable
e)
Date of the transaction
2020-03-18
f)
Place of the transaction
London Stock Exchange
1
Details of the person discharging managerial responsibilities/person closely associated
a)
Name
Richard Ember
2
Reason for the notification
a)
Position/status
Regional Director, International
b)
Initial notification/ Amendment
Initial Notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
Cairn Energy PLC
b)
LEI
213800ZJEUQ8ZOC9AL24
4
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)
Description of the financial instrument, type of instrument
Ordinary shares of 231/169 pence each ("Shares")
Identification
code
GB00B74CDH82
b)
Nature of the transaction
Exercise of award (in the form of a nil-cost option) originally granted under the 2009 LTIP on 6 October 2015.
c)
Price(s) and volume(s)
| Price(s) | Volume(s) |
| £0 | 69,932 |
d)
Aggregated information
- Aggregated volume
- Price
Not applicable
e)
Date of the transaction
2020-03-18
f)
Place of the transaction
London Stock Exchange
4
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)
Description of the financial instrument, type of instrument
Ordinary shares of 231/169 pence each ("Shares")
Identification
code
GB00B74CDH82
b)
Nature of the transaction
Sale of Shares
c)
Price(s) and volume(s)
| Price(s) | Volume(s) |
| £0.6717 | 33,636 |
d)
Aggregated information
- Aggregated volume
- Price
Not applicable
e)
Date of the transaction
2020-03-18
f)
Place of the transaction
London Stock Exchange
1
Details of the person discharging managerial responsibilities/person closely associated
a)
Name
Paul Mayland
2
Reason for the notification
a)
Position/status
Chief Operating Officer
b)
Initial notification/ Amendment
Initial Notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
Cairn Energy PLC
b)
LEI
213800ZJEUQ8ZOC9AL24
4
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)
Description of the financial instrument, type of instrument
Ordinary shares of 231/169 pence each ("Shares")
Identification
code
GB00B74CDH82
b)
Nature of the transaction
Exercise of award (in the form of a nil-cost option) originally granted under the 2009 LTIP on 19 March 2015.
c)
Price(s) and volume(s)
| Price(s) | Volume(s) |
| £0 | 134,880 |
d)
Aggregated information
- Aggregated volume
- Price
Not applicable
e)
Date of the transaction
2020-03-19
f)
Place of the transaction
London Stock Exchange
4
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)
Description of the financial instrument, type of instrument
Ordinary shares of 231/169 pence each ("Shares")
Identification
code
GB00B74CDH82
b)
Nature of the transaction
Sale of Shares
c)
Price(s) and volume(s)
| Price(s) | Volume(s) |
| £0.6180 | 24,340 |
d)
Aggregated information
- Aggregated volume
- Price
Not applicable
e)
Date of the transaction
2020-03-19
f)
Place of the transaction
London Stock Exchange
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
END
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